Pending home sales in the U.S. increased by much more than expected in the month of October, according to a report released by the National Association of Realtors on Thursday.
NAR said its pending home sales index jumped 5.2 percent to 104.8 in October after edging up by 0.4 percent to an upwardly revised 99.6 in September. Economists had expected the index to increase by about 1.0 percent.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
by RTT Staff Writer
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